The year 2020 challenged us in myriad ways. And from one instance to the next Californians on the whole put forward their best effort to rise to the occasion. This is no less true of the California State Treasurer’s Office.
Important day to day work is often carried out quietly and in the background. At other times – as when we met reassuringly strong investor confidence in our bonds despite market uncertainties stirred by the pandemic – we drew a national spotlight. Both categories of accomplishment deserve to be highlighted. And both are celebrated in the following pages.
Our achievements in 2020 resulted from the work of a talented corps of state employees
who maintained, or expanded, essential public programs and services even as they learned
to quickly adapt to new processes involving workplace health precautions, best
telecommuting practices, and the powerful potential of communicating with small business
owners and taxpayers using video streaming platforms that have rapidly gained popularity.
While the coronavirus pandemic was shaking up work routines and personal lives and sending shock waves through the health care system and the economy, my staff and I were vigilantly ensuring that California’s public financing mechanism continued to smoothly and fully function so the state could go on without missing a beat selling bonds that support vital public activities.
In 2020, my office served as the agent of sale on more than $20 billion in debt. Bonds were issued to fund the building of educational facilities, water projects, correctional facilities, transportation projects, parks, stem cell research, flood control, disaster preparedness, environmental projects, housing, and other vital infrastructure. These efforts encompassed everything from helping health care centers to offset the financial impact of COVID-19 on public services to providing housing for homeless persons who need mental health services.
Fiona May, California State Treasurer’s Office